Is it important, something you definitely need or is just some profit for the insurance company like the banks?
Do I place my life into the hands of banks if I apply for life insurance?
What do I gain by applying for it?
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Outside of a couple of decent responses, a lot of misinformation in the thread. First of all, insurance is risk transfer. You transfer the risk of financial loss from yourself to an insurer by paying a premium based on several factors: actuarial, expenses, investment returns and premium taxes.
Life insurance is primarily used to offset the risk of premature loss of income due to death, especially in the prime earning years, of the insured. Generally, the older you are, the less coverage you will qualify for.
It is a very complicated concept and you are probably best off consulting a qualified financial planner as the life purchase fits into other multiple facets of a person or families financial planning. There is no simple, one size answer to “should I buy life insurance?”